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Hello Honey as per your reply, the tool ignore the low PR and irrelevant websites ok keep this in mind, can you please tell me if the link is not irrelevant, why would i note it down in "Disavow Link File", the link has to be irrelevant and untrustworthy which is not deleted manually, then only it is fine to submit it as a disavow link, and i had my search over these topic and know more about that now.

You can find this tool in webmaster tools and yes as other explained earlier it has nothing to do with dofollow or nofollow. It is used just to tell google stop crawling the urls you believe bad or with no response or dead.

If you build bad links for your site and you want to remove them, then you create a disavow link file disavow backlinks only if you believe you have a considerable number of spammy, artificial, or low-quality links pointing to your site, and if you are confident that the links are causing issues for you.
This is a two-step process. First, you’ll need to download a list of links to your site. Next, you’ll create a file containing only the links you want to disavow, and upload this to Google.